Who is Wise, Emerging Moats, Reading Double with Dobelli and VALUExKazakhstan

There are just so many businesses are now under attack from the world of technology.

But there are also new moats that are in formation.

In the case of Google and Amazon, the train has most likely already left the station.

But I am also quite certain that this intense period of creative destruction will throw up many more. One example is Verisign, which only came to existence in recent years and there will certainly be others.

Insight often comes not from an Ivy League degree but by way of animal cunning, instinct, and hard work.

For my part, I am disinclined to believe that all the people who voted for Donald Trump are gun-toting, happy-clappy religious racist bigots.

Millions of Americans, far from the two coasts, kept largely quiet. They either did not talk much to pollsters or they politely declined to reveal their true feelings. They tuned out talking heads and ignored blue-chip pundits. - Hanson.

Perhaps the thought that we can all agree on is one first expressed by Peter Thiel:

I took Trump literally, but not seriously. The people who voted for him took him seriously, but not literally.

For my part, I’m willing to give Trump a chance. He might not be my favorite businessman: that spot has already been taken. But for all of his faults, Trump has certainly run a lemonade stand. And that should count for something. He’s certainly shrewd and a lot smarter than many people give him credit for.

In spite of having moved to Zurich partly in order to read more, I still do not feel like I read nearly enough. Shane Parrish’s piece reminded me of that.

For my part, I recently enjoyed reading American Pastoral by Philip Roth. In my case, I saw Charlie Munger comment in an interview that he no longer reads fiction and I consciously took issue and decided to read more fiction. There is plenty of business and life wisdom to be gleaned from fiction.

The latest addition to this mix is VALUExKazakhstan which VALUEx regular Isaac Schwarz will be hosting. Isaac has been a regular visitor to Almaty and has deep knowledge of the country. VALUExKazakhstan promises to be outstanding.

John has also put this great course on to Udemy and has graciously offered an enormous discount to the first 100 students who sign up using the code “FRIENDOFGUY”. (or just use the link)

Book Giveaway at our Office

We have a number of spare copies of books and annual reports at my office - which we are planning to give away to the first people who ask for them. If would like to receive them, sign up here:

Horsehead

For me, part of the story of 2016 was the story of Horsehead. You can my account of that battle here.

You can also read my most recent email to Horsehead shareholders here.

The short summary is this: I plan to practise Rolf Dobelli’s version of Disraeli’s list - described by Charlie Munger in this brilliant talk that he gave to the graduating class of Harvard-Westlake college.

Dobellis’s version is that, having written down the names of people who wronged me and other Horsehead shareholders, I plan, on New Year’s eve, to burn the list.

Lastly, if you like the front cover of my book, it’s all thanks to graphic designer Cecelia Wong. She’s extraordinarily talented. Each year, I’m lucky enough to get her to design a holiday card - in which the design seems to get more creative every year. You can watch the video here: